Bearish: GBP/JPY is currently at 163.35 after making the turn in a range. We are looking for a continuation to the 1.000 Fibo/ATR target at the 162.00 area and then the 0.500 Fibo at 161.37.
We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 166 pips, and its 180-day average is 180 pips per day. USDX is currently threatening down but at a significant bounce point.
